Brazilian Congress Approves Oil Royalty Redistribution Bill

Law360, New York (November 8, 2012, 6:11 PM EST) -- Brazil's Chamber of Deputies on Tuesday passed a bill that would redistribute the royalties that oil companies pay to the government among various states to benefit areas not contributing growing oil profits, while opening up the possibility of new investments in the country's oil reserves.

The controversial legislation, passed by a 286-124 vote, is expected to position about 20 billion Brazilian reais ($9.9 billion) in royalty revenue to investments in the public sector over the next 10 years and expedite the government's approval of new oil-concession...
To view the full article, register now.